Danali Corporation borrowed $$290,000$ on October $1.$ The note carried a $8$ percent interest rate with the principal and interest payable on May $1$ of next year.

Prepare the following journal entries.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

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$1$ Prepare the journal entry to record the note on October $1.$

$2$ Prepare the adjusting entry to record accrued interest on December $31,$ the end of Danali's fiscal year.